Testifies on impact of trade, tariffs on soybean producers and the larger ag economy
American Soybean Association (ASA) Board Member and Missouri farmer Ronnie Russell appeared today before the House Financial Services Committee Subcommittee on National Security, International Development and Monetary Policy, testifying on the impact of trade and tariffs on soybean producers and the larger agricultural economy.
The 25% retaliatory tariff imposed last July has all but halted shipments to China, which up until last year was the largest export destination for U.S. soybeans. In 2017, China purchased $14 billion worth of U.S. soybeans. Now, the tariff has caused immediate and severe damage to the price of U.S. soybeans, which fell from $10.89 to $8.68 per bushel last summer.
“Our finances are suffering and stress from months of living with the consequences of tariffs is mounting. Soybean growers need China’s tariff removed now,” Russell continued. “Long-term, what farmers and rural communities need is predictability and certainty, which only comes through maintaining and opening new markets where we can sell our products. While we are working hard to diversify and expand other market opportunities, the loss of the China market cannot be fully replaced.”
Russell concluded his remarks by calling on Congress to urge the Administration to conclude negotiations with China that include an immediate lifting of the soybean tariff. He also asked both Congress and the Administration to finalize and enact the US-Mexico-Canada Agreement (USMCA), to bring a sense of progress and stability back to U.S. soybean growers and rural America.
–American Soybean Association